LuLu International Shopping Malls Private Limited has leased approximately 62,035 sq ft of carpet area on the lower-ground floor of I-Thums Galleria in Greater Noida for 15 years, at a total rent of nearly ₹51 crore, according to documents accessed by Propstack.
The documents show that the lease provides for a monthly rent of ₹45 per sq ft for the retail area and ₹20 per sq ft for the back-of-house area, taking the initial monthly rent to approximately ₹26.41 lakh.
The leased premises comprise 56,035 sq ft of retail carpet area and 6,000 sq ft of back-of-house area. The premises were scheduled to be handed over by March 31, 2026, with rent commencing after a 240-day fit-out period or on the store’s opening date, whichever is earlier.
The documents showed the company has deposited ₹1.585 crore as a security deposit, equivalent to six months of the initial lease rent.
Key details of LuLu’s Greater Noida hypermarket lease
The lease provides for a 9% rent escalation every three years. It also includes 10 car parking spaces and 100 two-wheeler parking spaces at no additional cost.
The agreement specifies a three-year lock-in period for the lessee and a 15-year lock-in period for the lessor. In addition to rent, the company will pay monthly common area maintenance (CAM) charges of approximately ₹12.11 lakh to the maintenance company, the documents showed.
{{/usCountry}}The agreement specifies a three-year lock-in period for the lessee and a 15-year lock-in period for the lessor. In addition to rent, the company will pay monthly common area maintenance (CAM) charges of approximately ₹12.11 lakh to the maintenance company, the documents showed.
{{/usCountry}}Earlier this week, LuLu Group announced the opening of a new 1-lakh-sq-ft hypermarket in Greater Noida, strengthening its presence in Uttar Pradesh and the Delhi-NCR region. Company sources told Hindustan Times that the 1-lakh-sq-ft figure refers to the hypermarket’s larger, super built-up area, which includes common areas, while the registered lease covers 62,035 sq ft of carpet area.
The UAE-based retailer is targeting an investment of ₹2,500 crore to establish 25 outlets across Delhi-NCR by 2030. The expansion will include a mix of hypermarkets and smaller daily-concept stores, depending on the catchment and population of each location, a senior company executive told Hindustan Times.
Also Read: LuLu opens 1 lakh sq ft hypermarket in Greater Noida
Raja Seetharaman, co-founder of Propstack, said LuLu Group’s entry into Greater Noida reflected the growing interest of institutional and large-format retailers in NCR’s expanding suburban markets.
“Anchor commitments of this scale reflect sustained confidence in organised physical retail, especially in high-density residential corridors where consumer spending is maturing rapidly,” he said.
With operations across more than 35 countries, a network of over 285 retail stores and 24 shopping malls, LuLu continues to expand its presence in India through shopping malls and hypermarkets, the company said in a statement.